Rupee further strengthens against dollar in interbank
The local unit gains Rs1.16 against the greenback
Karachi: The Pakistani rupee continued its upward momentum on Monday, rising by Rs1.16 against the dollar in the interbank market.
The local unit closed at Rs227.29 per dollar, an appreciation of 0.51 per cent from Friday’s close of Rs228.45, according to the State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/DlpuEEZ8Vp pic.twitter.com/RrX3BTmmrb
— SBP (@StateBank_Pak) October 3, 2022
According to market analysts, the local unit has been appreciating because of multiple positive indicators since Ishaq Dar took over as finance minister.
Fuel and electricity prices had been reduced while inflation in September was measured at 23.18pc compared to expectations of 27 per cent, they add.
Analysts further say rupee will extend its rise in days to come.
The local unit gained Rs11.2 or 4.9% against the dollar in the interbank market last week.
US charges ‘Chinese agent’ over political influence
- 19 hours ago
PM stresses global action on Gaza, Lebanon at D-8 Summit Special Session
- 19 hours ago
Trump expects EU to buy more US oil and gas or face tariffs
- 18 hours ago
Israeli PM eyes Iran after military aggression against Hamas, Hezbollah, and Syria
- 13 hours ago
KP Apex Committee mulls 'dismantling bunkers' in Kurram as peace efforts intensify
- 19 hours ago
FIFA chief hails women-only crowd at Iranian top-flight clash
- 18 hours ago
